brokerage and self-directed retirement

Forum|Forum|1 year ago
February 19, 2025
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What forms do I need to submit for my brokerage and self-directed retirement accounts / where and how do I do that during my turbotax process?

Ask the Experts - Deciphering - Feb 2025

Best answer by RobertB4444

Your brokerage account is only taxable when you sell anything. Gains inside the account aren't realized until that point. If you do sell any securities you should receive a 1099-B showing the sales and that would need to be entered into your tax return.

@emerklen

RobertB4444

You don't need to submit any forms with your tax return related to income inside a self-directed IRA. If you have generated Unrelated Taxable Business Income (UBTI) then your IRA custodian must file a 990-T and pay taxes on that income. You are also responsible for reporting to your custodian actual values in your SDIRA.

Here is a good discussion on the topic.

@emerklen

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emerklenAuthor

ok thank you! to clarify further, I do not pay taxes on any gains from contributions within my SDIRA, BUT do I pay taxes on gains from contributions in my self-directed brokerage account? Neither account has been withdrawn from, just contributed to.